USA and Switzerland have reached an agreement regarding the Foreign Account Tax Compliance Act (FATCA) exemption for accounts held by lawyers or notaries. According to the newly inserted clause, accounts held for specific purposes by notaries or lawyers for their clients will be excluded from the scope of the application of FATCA. The institution maintaining the account will not need …
Microsoft’s offshore profit pile increases past $100 billion 2015 08 31
According to the securities filing last month Microsoft crossed the $100 billion mark, making it the second U.S. corporation — after General Electric Co. — to do so. According to the U.S. tax code, the company would be required to pay the difference between its foreign taxes and the 35 percent U.S. corporate tax rate if it decided to bring …